What 4 Questions Should I Ask Myself About My Franchise Before the New Year?

Happy New Year! 2023 is nearly here which means it is an excellent time to plan and review your franchise goals. Regularly evaluating your business plans and strategy is vital to keep you focused on the most important factors that are within your control.

As you dust off your strategic business plan, there are four basic questions you should be asking yourself to drive profitability, growth, and time savings in your franchise business.

Here are a few guiding questions to consider:

  1. Does my franchise qualify for any tax incentives this year or what can I plan for next year?
  2. What can be automated?
  3. What can be outsourced?
  4. Can I take a vacation in 2023 and not worry about my franchise operations?

Does my franchise qualify for any tax incentives?

Matthew Carlson, a Business Consultant at BerganKDV, explains these options in his latest blog. He encourages you to ask yourself these questions:

  • Do you have capital expenditures planned over the next two to three years? Are you planning for any new equipment purchases? Are you considering new building renovations or expansions?
  • What are your hiring plans or forecasts over the two to three years?
  • Do you have locations in other states? What are your capital expenditure and hiring plans for those locations?
  • Do you have any training planned for new or existing employees?
  • Does your company do research and development (R&D)? If so, what are your plans related to R&D work over the next two to three years?

What can be automated?

The past two years have provided the necessary “Rocket-Fuel” for automation virtually everywhere. Zappier, iPhone shortcuts, Alexa, and Siri are examples of technology that allow us to put virtually anything in our personal lives on autopilot.  The same goes for your franchise business.

A large majority of franchise owners don’t have the time or background to mess around with monthly financials. They would prefer to press the “easy button.”

Business analytic tools like Jirav provide automation that seamlessly puts your financials on autopilot. Giving you back the time and energy to invest working on your business versus in your business.

What can be outsourced?

When you are a brand-new franchise owner everything is new, exciting, and fresh.  Soon you begin to feel as though there isn’t enough time in the day. You start missing kids’ practices, losing sleep, and thinking about if your storefront is staffed.

A simple question to ask yourself is, “What can I afford to outsource?”

Most franchise owners begin with simple tasks that tend to eat up a lot of time.  Things like bookkeeping, payroll, and financials are easy places to investigate. Finding the right partner that has the efficient resources to provide the services needed for franchise owners is a key investment opportunity for the new year.

Can I take a vacation in 2023?

One of the top statements I heard from franchise owners in 2022 was:

“I haven’t taken a vacation in years.”

The CDC estimates that over 200 million workdays are lost each year because of depression, stress, and anxiety.  As a franchise owner, the fear of making payroll and generating new business can weigh heavily on one’s mental health.

When you feel the advantages of taking care of tax incentives, automating business processes, and outsourcing where it makes sense. Your business can function for a couple of weeks without your physical and mental presence.

At BerganKDV, we partner with franchise owners like you.  We ensure you are capitalizing on all the advantages of tax planning, automation, and proper outsourcing in your business.  We want you to take that elusive vacation and trust that your business is operating smoothly.

If you are curious to learn more about how our Franchise Channel Advisors can help you and your business, please contact us and we would be happy to assist you!

 

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CATEGORIES: Business Advisory | Retail
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